CFO, Industrial Pump Distributor

The company CFO has family ties to what is a family owned business. The CFO’s father worked for the company his entire life, having served as president for 26 years. The company has $35 million in annual revenue, no debt, operates only in cash, and saves for times when it needs to invest in new equipment or systems.

The CFO came from a financial services background and feels that she has a “different relationship” with banks because the company is not leveraged at all, so it’s not looking for loans or lines of credit. The company has $8-9 million on deposit in banks and less than $400,000 in investments.

The CFO characterizes the company’s owner as “very conservative.” Over the past 7 years, the business has become increasingly cash heavy. She began “squirreling” money across different business entities and attempting to manage $250K money market accounts around the city, and notes that this became “painful.”

The CFO approached one of her banks with her problem. The bank presented ICS^® as a solution several times. It took her awhile, but she was finally able to convince her boss that it was “not worth my time to run around to different banks!” From a due diligence perspective, the CFO explains that she checked out Promontory Interfinancial Network thoroughly: “they were very helpful, transparent, and honest.”

"ICS came in and it’s been amazing. And we’re getting more money out of the sweep than money markets originally. Sweep makes so much sense. We cut checks once a week. We don't have to think about it [managing the ICS process]. It has helped to solidify our relationship with our bank. Also I have been with lots of banks here [at my chosen local bank] I can get someone on the phone at any time. Don't have to have to talk to 18 different people. I can get one person. And when I get someone on the phone, they're there. The large banks treat you like a cattle car."

CFO, Industrial Pump Distributor